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5 Ways to Make Your Tenants Renew Their Lease
Apr 2, 2019 - 4:03
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Landlords save time, money, and effort when their tenants renew their lease. There’s no need to have their property listed again or respond to enquiries and give tours without being sure that it will end with a contract. Moreover, there’s no assurance that they will immediately find a new tenant, which puts their income on hold. Having tenants stay also means continuous business.

There are various reasons why tenants move such as getting married, being hired for a new job, and finding a better property to lease. While you do not have control over other factors, you can do something about the latter. Here are ways to make your tenants renew their lease.

1. Have complete and detailed terms
Make sure that all the details about the lease are complete and that you explain everything to the tenants before they sign the contract. This will give them exact information on what to expect, as well as what is allowed and prohibited when it comes to the property. Having a clear agreement will prevent misunderstandings and problems in the future, which might prevent them from renewing the lease.

2. Make them feel welcome
This will put you on the right foot with your tenants. Having a good start with them is crucial as it will set the tone for how your relationship as tenants and landlord will be. They are more likely to stay if you have a good relationship with each other. It doesn’t have to be grand to make them feel welcome. Giving them a small present will make them feel special. It can be anything from a nice pie to a map of the surrounding neighbourhood to familiarise themselves with the nearby establishments.

3. Attend to their needs immediately
If it’s a legitimate concern such as a repair or noisy neighbours, be sure to take care of it right away. This will build trust as they will know that they can count on you and that their needs matter. While it may be easy for them to find a property that may be cheaper than yours, they will take into consideration the reliability of their landlord.

4. Give them an incentive for renewal
Another way to get tenants to renew their lease is to give them an incentive. This may be giving them a free month or two for the renewal of their contract for a specific period like one or two years. It can also be offering to give them back their security deposit, especially if they have already been with you for a long time and they are responsible tenants.

5. Keep the property well-maintained
Having a clean, aesthetically appealing, and secure property is another way to keep your tenants. They will feel good and confident knowing that they can bring their friends or acquaintances around and take pride in where they live.

To make the process of lease renewal more convenient, you may hire an expert in property services. They can help create the contract and add or update terms that you previously had.

Image: pixabay.com

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